What Happens To Your FASTag issued By Paytm Payments Bank

Following the Reserve Bank of India”s (RBI) decision for the closure of services provided by Paytm Payments Bank Ltd (PPBL), questions have arisen regarding the fate of FASTags issued by the bank. In response, the RBI has provided a set of Frequently Asked Questions (FAQs) addressing concerns regarding FASTags.

According to the FAQs issued by the RBI, customers who possess FASTags issued by Paytm Payments Bank can continue to use them to pay tolls after March 15, 2024, up to the available balance. However, no further funding or top-ups will be allowed in these FASTags beyond the specified date. Consequently, customers are advised to obtain a new FASTag issued by another bank before March 15, 2024, to avoid any inconvenience.

Furthermore, the FAQs clarify that after March 15, 2024, customers will not be able to recharge or top-up their FASTags issued by Paytm Payments Bank. This underscores the importance for customers to transition to FASTags issued by alternative banks before the deadline.

Regarding the transfer of balance from old FASTags issued by Paytm Payments Bank to new ones obtained from other banks, the FAQs state that the credit balance transfer feature is not available in the FASTag product. Therefore, customers will need to close their old FASTags issued by Paytm Payments Bank and request the bank for a refund.

FASTag is an electronic toll collection system implemented in India to facilitate seamless and cashless toll payments at toll plazas on national highways. It uses radio frequency identification (RFID) technology to enable automatic deduction of toll charges from a prepaid or linked account as a vehicle passes through a toll plaza, without the need to stop the vehicle.